A lot of good lessons come from failing! In my 2nd year of flipping I bought a huge 5 bed 3 bath house with 3 levels. It needed a complete full remodel and located in not the worst area of town but on the edge of it. It was vacant for 2 years and wasn't winterized properly so first day of water getting turned on had water shooting out of the pipes on every level of the house. The remodel took 3 times longer than usual to complete. Had to get a new sewer pipe, furnace (takes alot of furnace to heat up a house like that), ac, windows, and a lot more. Most of the stuff I planned on but a lot where I couldn't have known since I bought it at a foreclosure auction and going inside before was prohibited. A big lesson was always get a 2nd estimate if your going with a new contractor. Had a reputable roofing company try to tell me it needed a new roof for about 7k. Got a second option the roof was fine it just need a $100 worth of work to fix the issue that we had with it (I was 25 at the time and was that absolutely was the reason this estimater tried to take advantage of me still being a rookie). I also paid someone to finishing the stucco job in the back. After a day of work and a quarter of the job done he convinced me that he needed to be paid for the full estimate for him to finnish. Never saw him again. Anyways I bought it for 52k ended up putting in 25k and sat on the market for 2 months. So I rented it for 3 years at 1k a month. Just sold it at the height of the housing boom this summer for 129k. Things might have worked out but I learned a lot on that one! So many head aches and a lot of time I had to personally put into it. But it had so many Good lessons that I needed to learn!
I can see the anger when you’re analyzing the picture lmao We’re always going to have losses but the important thing is that you’re killing it my brother! Keep up the good work!
Missing out on that 3rd bedroom is a big one. Its for reasons like this that I personally have a hard time giving up control. It's really hard to count on other people with hundreds of thousands of dollars or more.
Took a flipper course from a major HGTV star and asked the question___What if your flip just wont sell? What do you do? 1. Get a new loan with better carrying costs 2. Rent it out while you try to sell to recoup carrying costs. That guy was full of crap on so many things I’ve since learned and of rather low character. I appreciate that you share your journey of lessons learned. Refreshing. Great self reflection. It’s very tough to look at mistakes on a public platform.
One has to ask, as a man of faith, how does losing money make you feel? I thought I correctly gleaned your response from this video, but had me second guessing from another video you posted about buying a place for the African missionaries. I'm truly curious how it makes you feel when you lose money one day and make so much more another. You're obviously gifted in finance, so wondering whether it becomes a game (almost)? All the best. Ray
Hi Ryan. really appreciate your transparency on wins and loses in your journey to success in the past few years. I was wondering when you know you're taking a loss that big on the property, did you ever consider holding the property as a rental to wait until the price appreciated while potentially paying the hard money loans off with a home equity loan? Just a thought, I might be totally off with this question, but would like to know your thoughts.
He isn't interested in answering this question I guess because you are the 3rd person to ask it and he hasn't responded to any of them but responds to other comments made after.
I’ve been watching all your videos. I’ve downloaded your book and the contracts. Now I’m just in the process of looking for my first wholesale deal. Great content!
Hey Ryan, I've ben following you since you shared the video of your first flip. You talked about flipping a mobile home in the beginning. Can you make a video about flipping them, the good and bad just this video!
What stopped you from "purchasing" the property yourself and renting it until the market heated back up? At 75% of the value the refinance loan would have been 108k and you would be down about 30k that you could recoup in the future.
Hey Ryan, what's the best way to get connected with wholesalers? I'm trying to break into this real estate biz and man, I'm not having an easy go of it! Really tough to make my numbers work. Any tips/advice? Thanks!!
why didn't you just get the money from your past profits and paid him off I'm sure you got millions in the bank. you could have paid off the lender back in full all cash and avoided those holding cost fees
